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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes |
12) | Income Taxes
The Company’s overall effective tax rate for the three month periods ended June 30, 2025 and 2024 was 22.0% and 22.6%, respectively, which resulted in a provision for income taxes of $1,830,264 and $2,118,044, respectively, and for the six month periods ended June 30, 2025 and 2024 was 22.0% and 22.4%, respectively, which resulted in a provision for income taxes of $3,062,866 and $4,262,833, respectively. The Company’s effective tax rate is higher than the U.S. federal statutory rate of 21% due to, among other factors, state taxes as offset by certain state income tax benefits, along with certain permanent tax adjustments such as meals and entertainment and stock-based compensation. The decrease in the effective tax rate when compared to the prior year was primarily due to the Company’s decreased state income tax provision. Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.

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